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Wrapping the exhaust won't really do much for you. It has the possibility of slightly helping out with reducing back pressure. The reason being is the exhaust gas stays warmer, thus its less dense, thus less exhaust gas in the piping, and its easier to push out. However, we're talking a very minimal difference here that I don't think you'd ever see when filling up.
Wrapping the exhaust will definitely make it rust faster. One major reason why I wouldn't do it. It has to do with moisture, not heat.
Insulating the engine might be a better idea, faster warm up is always a good thing.
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